RP economy to grow 3.3%

RP economy to grow 3.3%

MANILA (AFP): The Philippine government is confident of hitting its target of 3.3 to 3.8 percent economic growth this year, officials said Saturday, following surprisingly strong growth in the three months to June.

A government statement quoted Economic Planning Secretary Dante Canlas as saying that the projected growth of 3.3 to 3.8 percent in the gross domestic product (GDP) was based on the local economy's resiliency in the face of the world economic slowdown.

He cited the 3.3 percent GDP growth posted in the three months to June exceeding the forecasts of both government and private analysts.

Canlas attributed the higher growth to strong agricultural production, higher domestic demand and the decision of the Central Bank of the Philippines to keep interest rates down.

Philippine GDP grew four percent last year.